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February 27, 2018

BIDV celebrates grand opening of its branch in Myanmar

The grand opening ceremony of BIDV Yangon Branch being formally opened by Vice President. Photo: Supplied
The grand opening ceremony of BIDV Yangon Branch being formally opened by Vice President. Photo: Supplied

The Joint Stock Commercial Bank for Investment and Development of Viet Nam (BIDV) celebrated the grand opening of its branch (BIDV Yangon) in Yangon City, Myanmar. This is among the series of events that BIDV co-organizes including the “Four Countries—One Destination” conference on connecting tourism and expanding cooperation in banking sector among Cambodia-Laos-Myanmar-Viet Nam(CLMV).
H.E. U Henry Van Thio, Vice President of the Republic of the Union of Myanmar, H.E. Men Sam An, Deputy Prime Minister of the Kingdom of Cambodia, H.E. Mr. Vu Duc Dam, Deputy Prime Minister of the Socialist Republic of Viet Nam, H.E. Sonexay Siphandone, Deputy Prime Minister of Laos People’s Democratic Republic, H.E. U Kyaw Kyaw Maung, Governor of the Central Bank of Myanmar, H.E. Mr. Nguyen Kim Anh, Deputy Governor of the State Bank of Viet Nam, H.E. Mr. CheaChan To, Governor of the National Bank of Cambodia, H.E. Mr. Somphao Phaysith, Governor of the Bank of the Lao PDR and ministry leaders, BIDV,s important partners, organizations and customers from CLMV countries were in attendance.
Addressing at the Grand Opening ceremony, the Chairman of AVIM/BIDV stressed: ‘The Grand Opening of BIDV Yangon Branch marks the participation and extension of BIDV in Myanmar’s finance and banking sector in line with BIDV’s strategies of diversifying markets, promoting the development in important areas, and expanding the bank’s operations in the CLM. With the establishment of BIDV Yangon Branch, we are committed to: i) Strictly complying with the law, the regulations of the Central Bank of Myanmar; ii) Acting as an effective bridge to promote trade cooperation, tourism and investment between Viet Nam and Myanmar, iii) With our reputation and relationship, we will advise, support and call on investors in ASEAN and in Northeast Asia (Japan, Korea, Taiwan) to implement investment in Myanmar, iv) — Actively expanding microfinance operations, studying the consumer finance, and insurance in Myanmar and especially giving consultancy and calling on Vietnamese companies to invest in high-tech agriculture in Myanmar’.
The Governor of Central Bank of Myanmar said at the ceremony, “I firmly believe that, based on its technical knowhow and experiences, BIDV Yangon Branch is now enabling not only to support by providing banking and financial services to Vietnamese entities who are doing businesses and investment in Myanmar but also to support in the field of Myanmar-Viet Nam bilateral economic cooperation and Myanmar’s economic development.” And “I strongly believe and hope that, by participating and cooperating in our banking sector, BIDV can play a supportive role in successfully implementing ASEAN Economic Community.”
In the framework of the ceremony, BIDV and Cathay United Bank signed a Memorandum of Understanding on cooperation covering the CLMV countries, BIDV Yangon Branch signed MOUs  and credit agreements with outstanding Vietnamese investors in Myanmar including Vietnam Airlines Myanmar Branch, FPT Myanmar and Antaco Myanmar.
On behalf of the BIDV, BIDV representative Office in Myanmar and BIDV Yangon Branch donated 01 ambulance, 05 laptops, 30 computers and scholarships totaling USD 135000 to Yangon Region Government.—GNLM


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